Lawyer jailed for insider dealing
A LAWYER convicted of insider dealing has been jailed for eight months.Christopher McQuoid, 40, of Aldouse Court, Fowlmere, was sentenced at Southwark Crown Court today (Monday). His father-in-law, James Melbourne, 75, of Ripley, Derbyshire, also receive
A LAWYER convicted of insider dealing has been jailed for eight months.
Christopher McQuoid, 40, of Aldouse Court, Fowlmere, was sentenced at Southwark Crown Court today (Monday).
His father-in-law, James Melbourne, 75, of Ripley, Derbyshire, also received eight months, although his jail term is suspended for 12 months.
Judge Peter Testar told the pair: 'You have both been convicted on evidence that was to my mind very strong indeed.
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"And that evidence revealed deliberate and calculating behaviour on the part of both of you.
"Mr McQuoid was deliberately taken into the small circle of individuals privy to the inside information about the takeover (of Melbourn-based firm TTP Communications) because nobody ever doubted that he could be trusted with the information that he was given."
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Earlier Jonathan Caplan QC, defending, asked the judge to spare McQuoid jail as he has already suffered enough.
All other insider traders prosecuted by the FSA have only received fines, he added.The barrister said: "The consequences of this conviction are potentially devastating for Mr MQuoid, having regard to his professional status and his exemplary record as a general counsel, not simply in TTP but with his current employer."
McQuoid was working as general counsel for TTP Communications when it was taken over by US mobile phone giants Motorola in May 2006.
He tipped off Melbourne about the strictly confidential takeover plan and advised him to purchase shares which would more than double in price.
The pensioner - a novice in the world of stocks and shares - spent �20,000 on more than 150,000 shares in TTP and made �49,000 when the price sky rocketed.
The prosecution is also launching confiscation proceedings and will be applying for the men to contribute to the cost of the prosecution.